U.S. Stocks Advance as Middle East War Talk Cools: Markets Wrap.
U.S. stocks rose and Treasuries retreated as investors speculated that tensions in the Middle East won’t escalate into a destabilizing conflict. Crude slid after climbing more than 7 percent this week and the dollar gained.
The major equity benchmarks were higher following hints from President Donald Trump that military action in Syria may not be imminent and toned down war rhetoric from Russia. The calls for geopolitical calm helped equities ignore overnight trade rumblings from China, which dragged most Asian gauges lower.
“The tone of what was coming out of the White House, the tweet from the president yesterday, was cause for concern and creates a risk-off kind of a feeling,” said Tom Wright, director of equities at JMP Securities. “And then today you get a much different kind of a message, and so we have a pretty broad based rally across all sectors.”
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